Business expenses

[feartheclaw]

Hi all

I am sole director and employee of a limited company. I incur quite a bit of expenses in the business and am interested to know what level of expenses are generally deemed acceptable by Revenue.

Thanks
ftc

 

[Nutso]

Expenses are allowed if they are incurred "wholly, exclusively and necessarily" in the running of the business. Is there any personal element to the expenses?

 

[feartheclaw]

Expenses are allowed if they are incurred "wholly, exclusively and necessarily" in the running of the business. Is there any personal element to the expenses?

No, they are all business expenses..

 

[TTI]

If they are 'business expenses' then there is no problem, each business is unique.